New changes have come into play with levy transfer funds and non-levy co-investments from the 1st April, read more to find out what they are…
Apprenticeship Wage increase:
The National Apprenticeship wage is rising from £3.70 to £3.90 per hour, as well this, the National Minimum Wage and The National Living Wage for workers over 25 is also rising. To check out a list of all these new rates from April 2019 please click here.
Levy-paying employers to be able to transfer up to 25% of their funds:
The government will make up to £450 million available to enable levy paying employers to transfer up to 25% of their funds to pay for Apprenticeship Training in their supply chains.
Non-Levy reduced co-investment:
Employers who do not pay the levy, or levy paying organisations, who want to invest more in Apprenticeship training than is available in their digital account, need to make a financial contribution, ‘co-investment,’ towards the cost of training and assessment of Apprentices, with government funding the remainder. From April 1st small and medium-sized employers will see the Co-investment rate they pay cut by half. Government funding will cover 95% of the maximum funding band rate for all new Apprenticeship starts. Employers will pay the remaining 5% co-investment payment direct to the training provider.
Please note, that if you are levy employer and there are insufficient funds in your levy pot to cover the full cost of Apprenticeship training you become eligible for government co-investment.